Struggling to make payments

[Qikichi]

I'm sorry if this is a long message.

I'm am 37 months into a 60 month IVA. My original debt was £41,227.

My IVA was set up for 6 months at £814 and the remaining at £362. My first 6 months were due to the fact I was working on a project based away from my home so my rent and bills were paid for by the company. This was a 30p in £ return.

I made 7 payments at £814 then another 20 at £362. I received a payrise due to promotion and my payments were increased to £900

I made 8 payments of this and missed one month due to being abroad with work but was really struggling due to work commitments meaning I am away from my home office every other week sometimes more.

I spoke to my case worker at my IP's office and I did another I&E which reduced my payment to £765.

I've made my last 3 payments at £765 but am still struggling due to expenses incurred whilst working away from home. I'm not incurring bank charges on a monthly basis and having work friends helping me when we are away from the office together. This is humiliating even though they know I have an IVA.

I'm at the point where I have called in sick to avoid working away as I cannot afford to go. I have toothache and cannot find a NHS dentist and am just suffering. I had to borrow money off my dad to pay for a new bed because mine so was old I wasn't sleeping properly and was sleeping most nights on my sofa.

I'm getting migraines now as I am so stressed out with this.

I cannot borrow money from anyone for a F&F but need to do something as without a job I am stuck and if I have any more time off I will get disciplined.

I will call my IP on Tuesday to discuss this but am looking for advice and what would be practical.

I'm one payment behind of £900 at the moment but will not be able to pay the full amount next month as I need to get my tooth sorted out.

I'm runnign up more debt with family and friends and it shouldn't be like that.

Could I default on my IVA and take a debt repayment plan? If I got charged interest then this may not work.

I could go bankrupt, which is more and more appealing as I have not gone out or done anything for over 6 months now as I cannot afford it. Don't get me wrong I do go walking around the local nature reserve but I don't go out with friends doing other things.

There must be more to life than this.

I've paid £22,349 to date which means if my IVA is defaulted I would still owe around £27,222.

My IVA fees were £8,344 totalling £

[Qikichi]

Sorry, I've mistyped.

My original iva was for 39p in £ not 30p.

Also I am incurring bank charges on a monthly basis.

[Beans on Toast]

Sorry to hear you're having problems so far into your arrangement.

I think this is definitely one for the experts to answer, hopefully one will pick up on this soon.

[chris.g]

Have you tried to discuss this with your IP? Rather than it fail, they may reduce your payments and/or increase the term of your IVA.
I'm sure one of the experts will help you out with this one, try not to worry too much,
xx

[Qikichi]

Thanks for your responses. I will be ringing the IP on Tuesday and see what happens.

[Soulgrowth]

Just wanted to say good luck ... you are right, life is very short and quality of life is important.

Do have much in the way of assets that you might lose in bankruptcy ... and would this matter too much?

One of the 'themes' that emerged from the debt debate in London yestreday is that more and more people ar putting their hands up and saying "ok, make me bankrupt" ... rather than continuing what can be a hell of a struggle sometimes

Debbie

[go_4_broke]

Hi There

If you go bankrupt you will most likely still have to pay into an Income Payments Agreement from your earnings for 3 years but the terms of this will be a lot less punitive than your IVA.

So it depends whether you want to tough it out for the 2 years remaining on the IVA or have a bit of an easier life (for a bit longer) in bankruptcy.

Best Regards, Simon

[Qikichi]

I don't own anything of value, I rent and do not own a car.

I will speak with my IP on Tuesday and see what she says.

Thanks for all your responses.

[Soulgrowth]

I would recommend that you make a phone call to Paul Johns (posts as Reviva) and see what your options would be as to bankruptcy ... at the end of the day it's ONLY money ... your health and your sanity are worth so much more.

With all good wishes

Debbie

[MelanieGiles]

At this stage it would also be sensible to discuss this with your IP personally to see if a reduction in payments is sensible. Having paid so many, it would be sad to leave all that behind to bankruptcy, and everyone knows that the cost of living is leaping up at the moment.